Silver Price Analysis: XAG/USD steps back from weekly hurdle above $27.00
- Silver steps back from short-term key hurdle, hangs in balance.
- Pullback eyes two-week-old horizontal support but MACD probes the bears.
- Monthly peak, $28.00 offer extra filters to the north.
Silver reverses the early Asian session gains, recently declining to $27.40, amid early Monday. In doing so, the white metal takes a U-turn from a downward sloping trend line from last Monday even as the MACD stays bullish.
Hence, the pullback moves may have a limited downside, until a short-term horizontal support zone near $27.10.
Even if the commodity prices fail to bounce off $27.10, an upward sloping trend line from April 27 and 100-SMA, respectively around $26.90 and $26.70, could challenges silver sellers.
On the contrary, an upside break of $27.50 immediate hurdle needs to refresh the monthly peak near $27.90, also cross the $28.00 threshold, before directing the silver bulls toward late February top near $28.30.
Overall, silver prices remain strong but intermediate pullback can’t be ruled out.
Silver four-hour chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
